Today: 22 July 2025
6 July 2023
2 mins read

Reliance fails to get Walgreens Boots Alliance to India

The popular pharmacy chain, is planning to close 300 stores across the UK within the next year, resulting in a reduction of its store portfolio from approximately 2,200 to 1,900, reported the Sun…reports Asian Lite News

Reliance Industries, owned by Mukesh Ambani, has encountered a setback in its attempt to acquire UK-based chemist and drugstore chain Boots, as Walgreens Boots Alliance, the American retail major, has decided to withdraw from the sale talks, reported the Hindu Businessline.

Walgreens, which had been seeking a buyer for Boots, stated that none of the received bids adequately reflected the potential value of the drugstore chain.

Previous reports on June 9 revealed that Apollo Global Management and Reliance Industries had submitted a binding bid of approximately US$7.3 billion for the acquisition of Boots. Walgreens had put the business up for sale in December, with a valuation expectation of around US$8.9 billion.

In a statement released on Tuesday, Walgreens explained, “Due to the severe impact of market instability on financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company. Consequently, WBA has decided that it is in the best interests of shareholders to focus on further growth and profitability of the two businesses.”

Walgreens also expressed that it had engaged in productive discussions with various parties and received significant interest from prospective buyers. However, unforeseen and drastic changes in the global financial markets have occurred since the initiation of the sale process, leading to this outcome.

The popular pharmacy chain, is planning to close 300 stores across the UK within the next year, resulting in a reduction of its store portfolio from approximately 2,200 to 1,900, reported the Sun.

The specific locations of the closures have not been confirmed by Boots, but it is believed that the affected shops will be those in close proximity to another site.

In its quarterly results, Boots stated that it will be consolidating a number of stores situated near each other over the next year.

This strategic move will allow Boots to allocate its team members more efficiently and focus investment on individual stores, aiming to consistently deliver an excellent and modernised service.

Boots, which employs over 52,000 team members, has assured that these store closures will not result in any redundancies.

ALSO READ-Reliance adds another feather to its cap

Previous Story

‘British firms are leveraging India’s tech expertise’

Next Story

Aster DM Healthcare opens Medcare Royal Hospital in Al Qusais

Latest from Business

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding
Go toTop

Don't Miss

Reliance jumps 16 places in Fortune’s Global 500

Reliance Industries improved its rank by 16 places to rank

Ambani Outlines Compelling Future for Reliance

Amidst the growing family of Reliance, Mukesh Ambani emphasized the